Toronto, ON -- (SBWIRE) -- 07/06/2015 -- For over 10 years, the Mortgage Broker Store has been stopping difficult power of sales. Throughout Ontario, families that run into financial trouble occasionally fall behind on their mortgage payments. The experts at the Mortgage Broker Store work with affected homeowners by arranging financing options to let them keep their home.
Banks, looking to protect their investment, will issue a Notice of Default after as little as 15 days of a missed mortgage payment. This legal notice gives homeowners 30 days to pay in full or face the possibility of a power of sales.
The power of sales process allows the lender to take legal control of the property and sell it in order to collect the outstanding mortgage debt.
The first step to saving a homeowner's property is trying to stop the power of sales. To do so, swift action is key. Missing a deadline can mean the difference between having a home or not.
Ron Alphonso, president of the Mortgage Broker Store, knows the importance of dealing with power of sales quickly. "When it comes to dealing with a power of sale, acting quickly is very important," says Alphonso. "Our mortgage agents help people when they are in a bad situation. No one wants to lose their home. But the situation isn't hopeless. We can often stop a power of sales when homeowners contact us early in the process."
When homeowners reach out for help right away, they have options. Ron and his team at the Mortgage Broker Store can provide financial and legal help. In some cases, they can arrange a new mortgage, which allows the original mortgage to be paid back in full.
Periodically, a second mortgage or other type of loan is a better choice, as it allows owners to catch up on their payments. Since every power of sales is unique, contacting a professional allows owners to learn more about their rights and their options.
For those who decide home ownership just isn't right for them at the moment, the Mortgage Broker Store can still help. They can intervene and delay the power of sales process. Their team can hire a lawyer or real estate agent on behalf of their client. Together, they can complete paperwork requesting extra time from lenders, which allows owners to keep control of the situation.
Ignoring a Notice of Default leads to bigger problems that require more expensive solutions. After 30 days, lenders can file a Statement of Claim, which can then lead to an Eviction Notice. Stopping the power of sales becomes more difficult as time is running out. Legal fees quickly eat away at any remaining home equity, leaving homeowners with nothing.
About Mortgage Broker Store
By bringing more attention to the issue, Ron Alphonso and his team at the Mortgage Broker Store are hoping to give more families the chance to keep their home.
For help on stopping a power of sales, contact Ron at 416-499-2122, or by email at firstname.lastname@example.org
More information can also be found at http://www.mortgagebrokerstore.com
Toronto, Ontario, Canada